UPDATE 1-Brazil's Amaro family sells 6.47 pct of LATAM Airlines

SANTIAGO, Sept 23 (Reuters) - Brazil's Amaro family, one of
the main controllers of LATAM Airlines, sold a 6.47
percent stake in the regional carrier on Friday on the Santiago
stock exchange for some $296 million, as part of a strategy to
modify the company's ownership structure.

Chile's Cueto family, the majority stakeholders in LATAM,
had previously agreed to purchase through their Costa Verde
Aeronautica holding company the 35.3 million shares sold by the
Amaros.

The shares, which represent over half of the 12 percent
stake the Amaros held in LATAM, were sold at 5,506.40 Chilean
pesos ($8.34) a piece.

On Thursday, the Amaros and Cueto families agreed to modify
their ownership structure in Latin America's largest airline in
order to retain control of the company and stem diluting their
stakes before Qatar Airways buys a
stake.

"The measure was necessary due to the 11 percent dilution
for all shareholders resulting from the entrance of Qatar
Airlines into (LATAM's) share structure," said LATAM unit TAM.

LATAM Airlines was formed by a tie-up between Chile's LAN
and Brazil's TAM in 2012.

As part of the agreement, the Amaros will subscribe to a
capital increase in Costa Verde, giving them a 21.88 percent
stake in the holding company.